Families in Pennsylvania are just like families across the country. They are made up of imperfect people who have imperfect relationships with each other. One of the relationship dynamics in play in most families is sibling rivalry. Sibling rivalry should be taken into account when doing estate planning. There are some key approaches to doing so.
Some Pennsylvania residents hear the term "estate planning" and presume (in error) that it is something only for the very wealthy. However, the fact is that all Pennsylvania residents who have anything of value, and loved ones they want taken care of, can benefit from estate planning. It is a good idea for adults of any age, and indeed many experts advise starting estate planning as early in life as possible. Remember, you can always adapt your estate plan later as your circumstances, and your circle of loved ones, change across the years.
Making your end-of-life plans can be a sensitive matter. You may want to leave certain assets to your spouse or children. But what if you die with debt? Could your loved ones stand to inherit this as well? Could this negatively impact their financial future?
There are many misconceptions about estate planning. It is valuable to address some of those misconceptions so that people can plan their estates with a clearer understanding about what is involved.
Ensuring that your loved ones are cared for is one of the main reasons you have a will. You want them to be comfortable after you’re gone. Of course, you also want to know that your estate is divided and cared for properly.
Earlier this year, the world said good-bye one of the most ground-breaking musicians of our time. Aretha Franklin’s passing shed light on the iconic legacy of her life’s work—from extraordinary musical achievements to civil rights activism. One thing the Queen of Soul didn’t leave behind, however, was a will.
Tax season is upon us. While taxes may not have an obvious connection to your end-of-life planning, staying current on your taxes is actually an important part of putting your affairs in order.